On the energy conversation, the U.S. industry right now, just like the Canadian one, is trying to get the value of the dollar per barrel as high as possible, frankly, because much of the fracking industry, where most of the U.S. economic gains are at the moment, requires oil to be at $60 to $70 a barrel and as long as it's in the $50 range it's just not profitable. This is a key issue that we see also in the oil sands.
What that means for U.S.-Saudi relations, frankly, is this is a time when oil is a little out of the mix. The U.S.-Saudi relationship, at least from this White House, is far more focused on Iran. That is where much of these two allies are concentrated, and here there's a meeting of minds. The U.S. and Saudis have a very strong convergence of views on Iran: that it is a nemesis of the region; that it needs to be counteracted; that it's expansionary, both in Yemen and in Syria; so I think it's interesting there is an oil dimension; I agree with that. In this case, the Saudis similarly want to see oil prices go up now. They flooded the market earlier with oil to keep the prices down, to put pressure on the Iranians, but that is over now and so there is an impulse for the Saudis to want to see the price go up.
On the same point, if I may, the reason oil prices are so low is not because of Saudi or OPEC policies. The reality is the global economy is just not growing enough and the number one buyers of oil globally, countries like China and to a lesser extent, India and others, are just not growing at the same rate that would warrant that $150 beautiful magic spot the oil industry wants. It's just not going to get there when you have 46% GDP growth rates in China, for example.